Egypt’s Madbouly discusses boosting private sector support with EIB

Egypt’s Prime Minister Moustafa Madbouly met with Gelsomina Vigliotti, vice president of the European Investment Bank (EIB), on the sidelines of the Development Finance to Foster Private Sector-Led Growth and Jobs conference to discuss enhanced cooperation in key sectors.

Madbouly praised the strategic partnership with the EIB and reaffirmed the government’s commitment to expanding private sector participation, noting that investment targets have already been surpassed. He also highlighted ongoing collaboration with international partners, including the International Finance Corporation (IFC), in areas such as airport management, communications, and renewable energy.

Vigliotti reaffirmed the EIB’s long-standing partnership with Egypt, especially in renewable energy, and expressed interest in expanding cooperation in electricity transmission and water projects.

Egypt’s Planning Minister Rania Al-Mashat stated that the EIB has financed 127 projects in Egypt since 1979, with total funding of €14 billion in public and private sectors. The bank’s current cooperation portfolio amounts to €2.9 billion, supporting 16 development projects.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama